Biden Administration to Forgive $39 Billion in Student Debt
- Supreme Court struck down broader debt forgiveness plan
- Borrowers must have made 20 to 25 years of payments to qualify
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The US Department of Education will forgive $39 billion in student debt by updating a technical requirement under a long-existing program.
The change, announced Friday, will help more than 804,000 borrowers. It comes as the Biden administration pursues alternatives to a $400 billion student loan forgiveness plan that the Supreme Court struck down in June.